Search

4190 results found

• 

  Public Policy Brief Highlight No. 53

  Full Employment Has Not Been Achieved

  Claims that the nation has reached full employment take for granted the need for a reserve pool of labor to maintain price stability and labor market flexibility. But are millions of jobless and underemployed workers the best we can do in these times of economic expansion? And what will happen when the inevitable downturn comes? […]
• 

  Public Policy Brief Highlight No. 52

  Government Spending in a Growing Economy

  Based on neoclassical theory, cutting budget deficits has come to be seen as a principal way to increase long-run growth, but the empirical evidence is ambiguous on the outcome of this macropolicy. A new model, the classical growth cycles (CGC) model, offers an alternative theoretical framework for analyzing the complex effects of fiscal policy. The […]
• 

  Working Paper No. 275

  Minsky’s Analysis of Financial Capitalism

  In this paper, the authors discuss Minsky’s analysis of the evolution of one variety of capitalism—financial capitalism—which developed at the end of the nineteenth century and was the dominant form of capitalism in the developed countries after World War II. Minsky’s approach, like those of Schumpeter and Veblen, emphasized the importance of market power in […]
• 

  Working Paper No. 274

  The Independent European Central Bank

  In this paper, Visiting Senior Scholar Philip Arestis questions the assumptions underlying the economic case for the independent European Central Bank (ECB). Arestis argues that although a European Clearing Agency (ECA) of the type Keynes envisaged for the international economy is not a panacea for the economic problems of the European Union (EU), it is […]
• 

  Working Paper No. 273

  Savings-Recycling Public Employment

  William Vickrey’s single-minded commitment to full employment is evident in a series of papers written in the last years of his life. In these works Vickrey formulated an assets-based approach to macroeconomic analysis that has definite implications for budgetary and employment policy. For Vickrey the relation between desired and actual holdings of net financial assets–or […]
• 

  Working Paper No. 272

  Functional Finance and Full Employment

  Recent global economic developments invite a reconsideration of orthodox macroeconomic theory and policy and encourage a revisiting of the ideas of unorthodox thinkers of the past. This paper reviews fifteen lessons to be learned from the work of Abba Lerner. These lessons, which fall under the general categories of functional finance and full employment, are […]
• 

  Working Paper No. 271

  Can Rescheduling Explain the New Jersey Minimum Wage Studies?

  This paper interprets the New Jersey minimum wage studies of Card and Krueger and their critics, Neumark and Wascher, through a scheduling model. The former found an increase in the number of workers in New Jersey fast-food restaurants after the state minimum wage was increased, while the latter found a decline in the total payroll […]
• 

  Public Policy Brief No. 54

  Down and Out in the United States

  Despite a long period of strong economic growth, more than 28 million working-age persons were categorized by the Bureau of Labor Statistics as out of the labor force in 1998. A small portion of this population will move into the labor force, but the majority will remain without work. This brief examines the demographics of […]
• 

  Public Policy Brief No. 53

  Full Employment Has Not Been Achieved

  Claims that the nation has reached full employment take for granted the need for a reserve pool of labor to maintain price stability and labor market flexibility. But are millions of jobless and underemployed workers the best we can do in these times of economic expansion? And what will happen when the inevitable downturn comes? […]
• 

  Public Policy Brief No. 52

  Government Spending in a Growing Economy

  Based on neoclassical theory, cutting budget deficits has come to be seen as a principal way to increase long-run growth, but the empirical evidence is ambiguous on the outcome of this macropolicy. A new model, the classical growth cycles (CGC) model, offers an alternative theoretical framework for analyzing the complex effects of fiscal policy. The […]
• 

  Policy Notes No. 7

  Capital Income Taxes and Economic Performance

  Tax reform that reduces tax rates on capital income, no matter how successful it is in reducing the user cost of capital, will have at best minimal effects on capital formation and output and therefore on the growth of the United States’ economy.
• 

  Press Release

  New Social Security Plan Would Cause Real Pain, No Gain